Alex Manojlovich’s Weekly Market Report: Emblem Launches Largest Downtown Hamilton Condo Project
This week witnessed some great action.
The retail asset class continues its return to consistency with a few smaller deals this week.
The largest transaction in Hamilton this week was for 250 Fruitland Rd. in Stoney Creek. This 19.64-acre piece of land sold for $23.562 million (approximately $1.2 million/acre). This is below market value for residential land. However, the parcel appears to be zoned agricultural currently.
Nearby, developer Melrose Investments purchased 4.44 acres for $900,000 ($202,000/acre), which is great value but probably includes more work than the Fruitland Rd. deal.
The largest transaction in the area occurred in Cambridge, where Argyle Capital Partners purchased a 200,000 sq. ft industrial building for $33 million ($165/sq. ft). It’s a slightly large purchase price given the market and size of the asset, but I wouldn’t be surprised if this were fair market value given the way industrial demand and industrial market lease rates continue to grow.
In the news, Emblem launches Hamilton’s largest downtown project, the COA moves forward with a 109-unit development project on Dundurn St., and the website has been launched for the 75 James Condo development by LiUNA.
The GHA Sales Transaction Database offers you this week’s CRE transaction activity.
Emblem launches largest downtown Hamilton condo project
RENX, June 27, 2022
75 James Condominiums official website
Minor Variance re: 330 Dundurn St. S. eight-storey residential project
City of Hamilton Committee of Adjustment
New pocket track expands West Harbour GO train service
In The Hammer, June 28, 2022
Centre expands into Forge & Foster’s 29 Harriet St. in the Bayfront Studio District
The Hamilton Spectator, July 4, 2022
Feds turnover Burlington Canal piers to HOPA for pedestrian use
Global News, June 28, 2022
June 2022 Rent Report
Blackstone sees opportunities in student housing, multi-family, life sciences and more
The Hamilton Spectator, June 29, 2022
London, ON to cut parking requirements
CBC News, June 24, 2022
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